CPO Apr Futures Closed Higher

CPO Apr Futures closed higher on Friday as prices bounce back a little due to chart based trading. CPO May’16 expiry closed higher by 0.04% to settle at Rs. 547.3 per 10 kg. According to latest data released by SEA, The import of RBD palmolein have risen sharply to 13.23 lakh tonnes in the first six months of the current oil year ending October 2016 from 4.92 lt in the year-ago period. In April 2016, Palm oil imports rose marginally to 7,29,536 tonnes in April on sharp jump in shipments of refined palm oil. Among palm oil products, import of RBD palmolein rose by 74 per cent to 3,25,902 tonnes in April 2016 from 1,87,534 tonnes in the year-ago period.

Malaysian palm oil fell on Friday hit by the effects of a sell-off on China's commodities market. Expectation of improved demand and forecasts of lower stockpiles may keep prices supported.